Telecom Mongolia JSC to be nationalized

ZGM DAILY

2018-04-17 16:59 GMT+8
Stakeholders’ meeting of Telecom Mongolia to be held on April 30.

Mongolian Stock Exchange has announced that the 40 percent stake of Telecom Mongolia JSC, MSE Tier II listed firm, will be transferred to the Government of Mongolia in a package deal. KT Corporation, formerly known as Korea Telecom, previously publicized to sell its stake in Telecom Mongolia JSC to the GoM. The company has reached a deal with the GoM to sell its 40 percent stake at USD 2.55 million.

GoM to purchase 40 percent stake of Telecom Mongolia at USD 2.55 million

Established in 1921, Telecom Mongolia JSC is one of the pioneer companies in Mongolia and provides telecommunications, internet, cable television and directory services nationwide. Presently, 5.33 percent stake of the company is owned by the public, while the Government holds 54.67 percent of the company and South Korean KT corporation owns 40 percent.

Altan-Ochir Munkhuu, CEO of Telecom Mongolia JSC, has previously told the media that the company will be fully nationalized this year. After the sale, the Government will own 94.67 percent, while the remaining is publicly owned. The sales revenue of Telecom Mongolia JSC reached MNT 20.7 billion with net profit of MNT 6 million in 2017. Market cap of Telecom Mongolia JSC stands at MNT 12.9 billion.

In addition, the stakeholders’ meeting of Telecom Mongolia will be held on April 30 at the Information and Communication Networking Company’s conference hall at 11AM. The meeting is expected to discuss the following:

  • 2017 operational report and its board review.
  • 2017 financial statement with an independent audit review.
  • The selection of ordinary and independent members of the Board.
  • Approval of 2018 board budget.
  • The Board of Directors' decree on not distributing dividends.
  • Write out of an immovable object from asset account. 

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